Nearly half of Canadians report living paycheque to paycheque. With the rising cost of living, many Canadians face eviction if they experience a financial emergency. The BC Rent Bank, a vital support for many in this situation, is now at risk of closure.
Offering no-interest loans to B.C. residents experiencing temporary crises, including medical expenses or a sudden loss of income, the BC Rent Bank has helped 15,345 people stay housed since 2019. Applicants must provide proof of income and cannot owe more than $3,500 in rent or utilities. If the application is approved, funds are dispersed directly to the landlord or utility company.
“Because of this program, I was able to stay off the streets and keep my place,” said an anonymous beneficiary on the Rent Bank website.
“Without [the Rent Bank], I wouldn’t be able to secure the medication that I need to treat my chronic cancer and pain condition,” shared another.
The B.C. office funds 19 regional rent banks across the province, including the Thompson Nicola Rent Bank based out of Kamloops.
“The rent bank program is a vital resource in our community to prevent homelessness,” explained Danielle Cox, housing programs manager at Kamloops Elizabeth Fry. “It supports folks in ensuring no-interest loans, which allows for easier repayment. It also assists landlords in recovering rent from tenants who may otherwise never have been able to pay.”
Cox emphasized the importance of this service, given that the Kamloops vacancy rate is quite low, and the local household income-to-rent ratio is 69 per cent, over twice what is considered “affordable.”
Last year alone, over 300 residents reached out to the Kamloops Rent Bank (KRB) seeking housing assistance. They provided 166 referrals to alternate resources and supported 132 people through 37 loans. The KRB also facilitated financial literacy workshops for 14 women, and this year they plan to support three cohorts of women who have experienced (or are at risk of experiencing) intimate partner violence, empowering them through financial knowledge and control.
The BC Rent Bank’s provincial funding agreement is set to expire in April, with no clear commitment to continued funding. In a February article concerning the 2026 budget, the BC Rent Bank emphasized the importance of guaranteed funding for providing timely and reliable service.
“The need is real,” they write. “It is growing, and the people who deliver this work need to know whether they can keep doing it.”
While the local rent bank has received some support from other sources, including the City of Kamloops, United Way and the Teck Mine, the provincial funding has allowed them to plan ahead.
“The impact would be huge,” said Cox, “if we were unable to help a much larger portion of these folks without secure funding.”
Housing insecurity is a front-of-mind issue for Canadians, and the rent bank system offers one safety net to keep people off the streets. In their bid for continued funding, the BC Rent Bank states that “every dollar invested returns five in public savings — over $150M in total across B.C. For every dollar invested in BC Rent Bank, the province saves five. That is not a cost — it is a return.”